Four Pillars of GDP: Driven by the private sector
Singapore has moderate GDP growth, driven mainly by private investments and private consumption. Net export was a drag on GDP growth in the past four quarters.
The following is our rough coverage of the 2021 Sohn Investment Conference, which is being held virtually and features Brad Gerstner, Bill Gurley, Octahedron's Ram Parameswaran, Glenernie's Andrew Nunneley, and Lux's Josh Wolfe. Q1 2021 hedge fund letters, conferences and more Keep checking back as we will be updating this post as the conference goes Read More
PE and growth for Singapore look attractive relative to ASEAN
Singapore’s 2018CE* 13.9x PE is in line with Asia ex Japan and below ASEAN. EPS growth is in line with Asia ex Japan for 2018CE* but above ASEAN. Nice dividend yield, only Taiwan has higher in Asia.
A. Stotz Four Elements: Singapore’s rank relative to Asia
Overall, Singapore appears moderately attractive in Asia considering all our four elements: Fundamentals, Valuation, Momentum, and Risk.
Fundamentals: Poor ROE, only Hong Kong has lower ROE in Asia.
Valuation: Cheap on PB and second highest dividend yield in Asia.
Momentum: Decent price momentum and earnings growth in line with Asia.
Risk: Moderate risk in Singapore.
Massive price return in Info Tech, Telecom still challenged
Top 3 largest sectors: Industrials: 26% of the market; Financials: 24%; Real Estate: 22%.
Best sector & stock: Information Technology: +40.6% & Hi-P International Ltd: +49.8%.
Worst sector & stock: Telecom: -7.6% & StarHub Ltd: -13.6%.
*CE is consensus estimates.
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